The banking regulator said the examination of six applications has now been completed as per the procedure laid down under the guidelines.

The Reserve Bank had received 11 applications to set up bank under the guidelines for 'on tap' licensing of universal banks and small finance banks.

UAE Exchange and Financial Services, The Repatriates Cooperative Finance and Development Bank (REPCO Bank), Chaitanya India Fin Credit and Shri Pankaj Vaish and others are the applicants that were not found suitable under guidelines for 'on tap' licensing of universal banks.

VSoft Technologies and Calicut City Service Co-operative Bank are the applicants that were not found suitable under guidelines for 'on tap' licensing of small finance banks.

"The remaining applications are under examination, the RBI said in a statement.